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Tapping Apple With Four Cheaper Stocks

Stocks in this article: AAPL T BRCM OVTI SDK

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL) is on a tear as its stock price has reached multiple new highs over the past week. While it might make sense to buy Apple in anticipation of a peak on the iPad's April 3 launch date, Apple's current price of about $224 isn't exactly cheap.

There are, however, a handful of tech stocks that allow investors to take a bite out of Apple and its phenomenal swell on the cheap. While most of Apple's future-facing products and suppliers are still shrouded in mystery -- Apple didn't respond to TheStreet's request for comment on this story -- investors are likely to see Apple-related upside in Broadcom (BRCM), AT&T (T), SanDisk (SNDK), and OmniVision (OVTI).

Alternatively, investors that want to play Apple in the market but avoid the risks associated with one specific stock might want to consider an ETF with a position in Apple. Apple accounts for just over 15% of the PowerShares QQQ Fund (QQQQ), which has risen more than 77% in the last twelve months.

Other funds offer different levels of Apple exposure, from 9% at the iShares Down Jones U.S Technology (IYW) fund to 3.1% at the SPDR Morgan Stanley Technology ETF (MTK).

Analysts also point to telcom-related ETFs like the iShares Dow Jones U.S. Telecom Fund (IYZ), 16.5% of which is made up of AT&T, an Apple iPad partner. TheStreet's Don Dion has already cited IYZ as the best ETF to gain exposure to AT&T and iPad demand.

Read on for more Apple-related buys.

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